Introduction to Certified Public Accountant (CPA) Exam

Passing all four sections of the Uniform CPA Test is one of the first steps to being a licensed CPA. The CPA Exam is a computer-based examination conducted by the AICPA, consisting of four parts evaluating the minimum knowledge and skills needed by a CPA. The new version of the exam takes 16 hours in total.

While each state/jurisdiction has its particular criteria for obtaining a CPA license, they all require the CPA Exam to be passed by an applicant, and you have 18 months to complete all four sections of the CPA Exam (the clock starts ticking after you pass the first section), so be aware of scheduling and preparing.

The exam contains the following four main parts which are further described in details in the following section:

Business Environment and Concepts (BEC)
Financial Accounting and Reporting (FAR)
Regulation (REG)
Auditing and Attestation (AUD)

See the CPA practice exams to get a know-how of how these sections are divided. The AUD section offers questions based on professional obligations, ethics, risk assessment in the production of plan responses, the performance of procedures and facts, and drawing conclusions and reporting of accounting information. The BEC chapter discusses topics related to corporate governance, economic concepts, and interpretation, financial management, IT, and operations management. The FAR section consists of questions that emphasize the conceptual structure and financial reporting, the selection of accounts of financial statements, the selection of transactions, and the application of state and local governments to accounting work. The REG section consists of topics that concentrate on ethics, federal tax practices, professional obligations, business law, federal property transaction taxation, federal individual taxation, and federal agency taxation.

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Topics of Certified Public Accountant (CPA) Exam

The CPA Exam test consists of four, four-hour sections. You must clear all four sections within 18 months with a minimum score of 75 on each part. The core topics for each of the four sections are listed below. These contents are likely to be used for the examination. However, on any particular delivery of the test, other similar topics could also appear.

It is recommended that, where possible, the applicant uses these contents and/or other resources to provide background information on the exam objectives. The syllabus for the Certified Public Accountant (CPA) Exam is listed below with detail of each section and their topics:

1. Auditing and Attestation (AUD)

Objectives covered by this section:

Developing a Planned Response & Assessing Risk (20 to 30%)

Entity's internal control
Specific areas of engagement risk
Assessing and identifying the risk of material misstatement
Planning an engagement
Materiality
Debtor-creditor relationships

Professional Responsibilities, Ethics & General Principles (15 to 25%)

A firm's system of quality control
Communication with component auditors
Engagement documentation
Communication with management
Ethics and professional conduct
Nature and scope

Obtaining Evidence & Performing Further Procedures (30 to 40%)

Internal control deficiencies and misstatements
Acquisition and disposition of assets
Performing specific procedures to get evidence
Subsequent events
Written representation
Sampling techniques

Reporting and Forming Conclusions (15 to 25%)

Reports on auditing engagements
Review service engagements
Reports on attestation engagements
Reporting on compliance
Other reporting considerations

2. Regulation (REG)

Objectives covered by this section:

Federal Tax Procedures, Professional Responsibilities, and Ethics (10 to 20%)

Responsibilities in tax practice
Licensing and disciplinary systems
Legal duties
Federal tax procedures

Business Law (10 to 20%)

Agency
Government regulation of business
Contracts
Business structure
Debtor-creditor relationships

Federal Taxation of Property Transactions (12 to 22%)

Acquisition and disposition of assets
Cost recovery
Estate and gift taxation
Determination of taxable estate
Gift tax annual exclusion
Gift tax deductions

Federal Taxation of Individuals (15 to 25%)

Alternative Minimum Tax
Computation of tax and credits
Computation of tax and credits
Gross income
Passive activity losses
Reporting items from pass-through entities
Filing status

Federal Taxation of Entities (28 to 38%)

Partnerships
C corporations
Trusts and estates
Limited liability companies
Tax-exempt organizations
S corporations
Liquidation of business entities & tax treatment of formation

3. Financial Accounting and Reporting (FAR)

Objectives covered by this section:

Standard-Setting, Conceptual Framework, and Financial Reporting (25 to 35%)

Conceptual framework
Standard setting for non-business entities
General-purpose financial statements
Special purpose framework
Public company reporting topics
Standard setting and conceptual framework for nonbusiness entities

Select Financial Statement Accounts (30 to 40%)

Cash and cash equivalents
Property, plant, and equipment
Investments
Long-term debt
Income taxes
Intangible assets
Compensation benefits
Inventory

Select Transactions (20 to 30%)

Differences between IFRS and U.S. GAAP
Accounting changes and error corrections
Nonreciprocal transfers
Contingencies and commitments
Leases
Software costs
Research and development costs
Subsequent events
Derivatives and hedge accounting
Foreign currency transaction and translation
Business combinations
Fair value measurements

State and Local Governments (5 to 15%)

Specific types of transactions and events: calculation, measurement, presentation in a governmental entity, and valuation
State and local government concepts
Government-wide financial statements
Comprehensive Annual Financial Report (CAFR)

4. Business Environment and Concepts (BEC)

Objectives covered by this section:

Corporate Governance (17 to 27%)

ERM (Enterprise Risk Management) frameworks
Regulatory frameworks and provisions
Internal control frameworks

Economic Concepts and Analysis (17 to 27%)

Market influences on business
Financial risk management
Economic business cycles

Financial Management (11 to 21%)

Financial valuation methods
Capital structure
Working capital

Information Technology (15 to 25%)

Systems development of maintenance
Information security/availability
Processing integrity
IT governance
Role of information technology business

Operations Management (15 to 25%)

Planning techniques
Performance management
Cost accounting
Process management

How much Certified Public Accountant (CPA) Exam Cost

The cost of this exam differs according to the state of but roughly it costs around USD 200 per section and a total of around USD 800 for all four sections. Hover on to the official website of AICPA and choose your state for more pricing information. Other costs may also incur like buying the CPA exam dumps pdf and then practicing for the exam via the CPA practice test.